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Jefferies Begins Liquidation Of PFG Positions, Will Keep Proceeds In Segregated Accounts
The MF Global playbook is playing out step by step:
- JEFFERIES HAS BEGAN AN ORDERLY LIQUIDATION OF PFG’S POSITIONS
- JEFFERIES DOESN'T EXPECT TO INCUR ANY LOSS IN RESPECT OF PFG
- JEFFERIES ALREADY LIQUIDATED SUBSTANTIAL PORTION OF POSITIONS
- JEFFERIES SAYS PFG POSITIONS SECURED BY CASH HELD IN MARGIN ACC
- JEFERIES TO KEEP PFG LIQUIDATION PROCEEDS IN SEGREGATED ACCOUNTS
And the full statement:
In response to inquiries, Jefferies today confirmed that it has a clearing relationship with Peregrine Financial Group ("PFG") with trading positions held on behalf of PFG's clients fully secured by cash held in margin accounts. After PFG was unable to meet a margin call that Jefferies made in response to yesterday's National Future Association's Member Responsibility Action, Jefferies began an orderly liquidation of PFG's positions. Jefferies has already liquidated a substantial portion of those positions and expects to be able to expeditiously liquidate the remainder in a fair and reasonable manner, after which all proceeds of the liquidation will be maintained in segregated accounts. Jefferies does not expect to incur any loss in respect of PFG.
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Pheww... that means the money is safe. What a relief Bitchezz!!
Yep. There are only two cockroaches.
Read: "after which all proceeds will be tranfered to JPMorgan."
Nothing going wrong with this....
JPM will get wire transfers that clear. Customers will get checks via USPS ground delivery. Nothing wrong with that.
Posts with leading italics kill the [javascript?] script that operates the voting widget.
Can't vote up or down.
I would have, if I could have, voted yours green.
Thanks for the heads up!
That depends on your definition of money. If Euros are your fancy then they just broke into no mans land. Below Be MONSTERS.
The EUR will go wherever the ECB and the FED agree to put it.
Trend support is at 1.218 and below that at about 1.20. Below that there really is nothing but air. I think it bounces off 1.218 but it could get very exciting.
Yep, never to late to start useing segregated accounts...
Anyone still doing business with Whore Street deserves what he/she gets...PERIOD!!!!!
She'd get periods anyway ?!
Period...Comma...Exclamation Point...etc...they are all the same bloody thing, mate!
She never told me that!!!
Gold/Silver -10%, Treasuries/ES/DJIX +10%.
The only possible outcome.
Of course, nobody gets their money back. Ever.
I don't think anyone was ever worried at Jefferies making out fine. They are, afterall, a bank. Maybe a junior IB, but still a bank. As for PFG clients, they've been Corzine'd.
The only true banks still in existence are your small community banks and credit unions. Even these must be checked prior to moving funds. There are no TRADITIONAL banks (read honest) outside of one's community (read Whore Street).
Also, FDIC Insured? BWHAHAHAHAHAHAH......
Shew! I was so worried that Jefferies might suffer a loss. [/sarc.]
Funny how Jefferies name has been coming up a lot lately.
Uh-huh. JEF still has "customers" apparently.
Funny "ha ha", funny "oh shit" or funny "honey, get my gun"?
the public are such sheep.
Too me, that's been the most amazing revelation so far from this adventure in fiat collapse.
the public are such sheep.
In the 70's, banks would keep your money "for you".
In the early part of the 2000's, they began to keep your money "from you".
Now...they just keep your money.
There will be blood. This much is certain.
JEFERIES TO KEEP PFG LIQUIDATION PROCEEDS IN SEGREGATED ACCOUNTS
Are these the old segregated accounts or the new and improved segregated accounts?
Who's watching the watchers? Clearly not those who are assigned to do so. Time for some clarity of thought and action.
They are the CFTC Approved segregated accounts. /sarc off
I want to know how to run a business that is short $200 million from February 2010 till July 2012. I mean seriously the segregated funds have been short for over 2 years!!
The watchers are paying very close attention since they don't want to lose a dime of their take.
I promise not to segregate in your mouth ! Monedas 1929 Comedy Jihad Condom Rupture At Rapture Liquidation
Get in line for ur money u ain't getting back u suckers..... mother fuckers will never learn.....the fraud market was never meant for u stupid assholes.... hows that physical Gold & Silver u didn't accumulate, held n ur possession looking right about out now!!!!!!! HUH!!!!!WHAT U SAY!!!!!!!!!!!!!!!
And by segregated accounts it means in the petty cash coffee tin container...right.
Everyone remembers what "liquidate positions" means, right? It means sell out long positions in large blocks during illiquid periods or during techincal break-downs....
Ah yes, forced liquidations. Good times, good times.
Remember, "separate is not equal"........Any representation of an account balance is no assurance of any future balance.
The checks in the mail.??
Bankster: The money is well protected in my offshore private account. I win, you loose!
Anorher one bites the dust. There are no bubbles only ponzis. Will positive thinking help?
This whole fucking thing is coming down. It's an aboslute shitting pyramid ponzi scheme.
Since 1960's after the assination of JFK that's what this country metamorphasized into.
PFGBest, Brokerage Firm, Missing Over $200 Million In Customer Funds As Founder Attempts Suicide
http://www.huffingtonpost.com/2012/07/09/pfgbest-brokerage-customer-fund...
"...Russell Wasendorf Sr., a 40-year veteran of futures markets, was found in his car near the company's new headquarters, having apparently attempted suicide. He is in critical condition at the University of Iowa Hospitals, according to local news reports."
Better luck next time, carbon monoxide (pills, razor, whatever).
OK. Same shit, different day, but it does appear that the PFG meltdown is about 1/10 the size of the MFG fail, so this is an improvement.
Right?
Perfect free market - no regulators.
Explains todays action. Buy the market, Bitchez!
Jeffries has become the toilet where the insiders dump their crap before the flush . Jeffries sold MF Globals last bond offering when all the insiders knew it was a fraud .
And its gone.